COMMERZBANK AG (London Branch) - Post Stabilisation - Phoenix PIB EUR300mil 3.625% 2021

Post-stabilisation notice

29th July, 2014

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                        PHOENIX PIB Dutch Finance B.V.

                                EUR 300,000,000

                   3.625% Guaranteed Notes due 30 July 2021

                                 XS1091770161

                             Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: [phone]) hereby gives
notice that no stabilisation (in accordance with Commission Regulation (EC) No.
2273/2003) was undertaken by the Stabilising Manager(s) in relation to the
offer of the following securities.

Issuer:                   PHOENIX PIB Dutch Finance B.V.

Guarantor (if any):       Phoenix Pharmahandel GmbH

ISIN:                     XS01091770161

Aggregate nominal amount: €300,000,000

Description:              EUR300mil 3.625% Notes due 30 July 2021

Stabilisation Manager     Coordinating Stabilisation Manager:
(s):
                          Commerzbank Aktiengesellschaft

                          Stabilisation Managers:

                          Credit Suisse Securities (Europe) Limited

                          ING Bank N.V.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would be
unlawful.